14 April 2025 | 12:15AM HKT China AI servers China Cloud capex to support growth ahead; Initiate Huaqin and Lingyi at Buy; Inspur at Neutral We initiate on the China AI servers supply chain: Inspur (brand), Huaqin (ODM), and Lingyi (component), and expect the supply chain to be driven by demand from their home market, China. In our global server report, we expect China Cloud capex to grow at 26% YoY in 2025E, and to stay at a similar high level in 2026E. As local foundation models enhance, we expect more ap ...

14 April 2025 | 5:45AM JST Asia Technology: Buy recommendations in the wake of smartphone/PC/other exclusions from reciprocal tariffs On April 11 (US time), the Trump administration announced that it would exclude certain electronic devices & components, including smartphones and PCs, from its reciprocal tariffs. Specifically, US Customs and Border Protection (CBP) announced that it would exclude smartphones, PCs, monitors, tablet PCs, the Apple Watch, and other electronic devices, as well as components suc ...

14 April 2025 | 7:01AM HKT Zai Lab (ZLAB): Evolving competitive landscape in gMG with positive telitacicept data; reiterate confidence in efgar competitiveness; Buy At the AAN2025 conference, Remegen (Not Covered) announced positive Phase 3 results of telitacicept (RC18, APRIL/BAFF dual inhibitor) in generalised Myasthenia Gravis (gMG), which triggered market debates on the evolving competitive landscape in gMG treatment in China. We note the read-across to Zai Lab's efgartigimod, reiterating the competitiv ...

13 April 2025 | 10:18PM EDT Americas Technology: Hardware Tariff exclusions announced for several products incl. PCs, smartphones, servers BOTTOM LINE US Customs and Border Protection published guidance on Friday night (April 11) that provided exclusions to the reciprocal tariffs for 20 product categories including computers, servers, smartphones, switches and routers, solid-state drives, monitors, and flat panel TVs, and several semi & semi equipment products. This move appears to exempt these products fro ...

17 April 2025 | 6:40AM HKT Xiaomi Corp. (1810.HK) Buy EV factory Phase II ready for production and YU7 timeline on track; Strong China sales momentum to partially offset overseas uncertainty; Buy On Apr 15, Phase II of the Xiaomi EV factory in Beijing received the acceptance note from Beijing Municipal Commission of Planning and Natural Resources after 9 months' construction (Exhibit 1), which in our view implies that the Phase II factory will likely commence trial production within the next month. We belie ...

16 April 2025 | 11:24PM HKT China Healthcare Analysis on the tariff impact, overall limited for our coverage, awaiting updates on potential pharmaceutical In this report we provide an updated view of the potential tariff impact on our covered China Healthcare names across various sub-sectors and sensitivity analysis for key names, following our previous report in Feb 2025 (link). We see the tariff impact on our covered Chinese healthcare names as manageable, while we await clarity on potential sector-specif ...

17 April 2025 | 4:13PM HKT Navigating China Internet: Top 400 app tracker: stable March engagement trends; solid AI & video momentum China's top 400 mobile apps maintained the prior month's momentum with total time spent up +7% yoy in March 2025 (vs. +5% in Feb 2025), with solid Weixin time spent growth (+8% yoy) and strong Douyin app engagement performance (main app +23% yoy/Lite +19% yoy), softer eCommerce time spent +1% yoy, while games' time spent increased by +3% yoy in Mar, according to QuestMobile da ...

16 April 2025 | 2:02PM HKT China: Q1 GDP and March activity data broadly beat expectations Bottom line: China's Q1 GDP and March activity data broadly beat market expectations, partly driven by export frontloading in anticipation of higher US tariffs. Industrial production growth jumped in March, led mainly by faster output growth in computer production and in line with the stronger-than-expected export growth. Retail sales growth rose notably in March, driven by a significant improvement in automobile and ...

Timothy Moe, CFA +65-6889-1199 | timothy.moe@gs.com Goldman Sachs (Singapore) Pte 16 April 2025 | 7:42PM HKT China Musings ADR de-listing risks: Back in focus, updated investor FAQs Investor concerns about Chinese companies de-listing from the US stock exchanges have resurfaced amid escalating US-China trade tensions, the regulatory risks for US investors assessing Chinese listed securities as highlighted in the America First Investment Policy signed by President Trump in February, and the recent comments m ...

14 April 2025 | 7:31AM HKT China Strategy Self-help is the best defense The Tariff Pandora's box has been opened US-China trade tensions have soared to unprecedented levels, prompting concerns about global recession, and decoupling risks between the two largest economies globally in other strategic cohorts, notably capital markets, technology, and geopolitics. Our US-China Relations Barometer, a gauge of multi-faceted bilateral frictions per market pricing, is at 2-year highs. Lower fair values, but higher ...